Type and Size
Aqua Cove is a Class B student housing complex consisting of 876 beds in Tallahassee, FL. The property was acquired in 2014 through a joint venture and was sold in 2016.
Calidus, together with Pebb Capital acquired 3,155 beds from the Lynd Company in 2014. This underperforming portfolio required a heavy lift to include over $10 million in capital improvements, a complete rebranding program (known as Aqua), and an aggressive management strategy to help increase occupancy and rental rates. The capital improvement plan covered a rebuild of all clubhouses and gyms, detailed unit renovations, new furniture, and exterior repainting. Within a 3 year period, the entire portfolio was repositioned and sold to market.